Oil prices are boosting Norway’s currency – while the Swedish krona is plummeting

Sweden is currently undergoing a debate as to whether its currency, the krona, has depreciated too much in recent years, due to the central bank's soft financial policies and a negative interest rate.

In the past year, the Swedish Krona has lost 5 percent of its value against the euro. In May the Krona has appreciated a bit.

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A weak Krona may be good for Swedish export companies that have revenues in foreign currencies and are incurring costs in kronor. But for companies that have a different cost and revenue structure, the reverse is true. In addition, imports become more expensive when the Krona is weakened.

The Norwegian Krone, meanwhile, is soaring on the back of rising oil prices

In 2018, it has risen almost 4 percent against the euro and been the best performing of all major currencies, after the Japanese yen, according to Bloomberg.

Bloomberg says that Norwegians can expect an even stronger Krona as the price of Brent oil approaches its highest levels for years.

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Swedes, however, should probably get used to a weak currency.

"If I may speak for myself, I do not think there are any problems with the exchange rate," Stefan Ingves, Governor of the Swedish Riksbank, said in early May to the Riksdag Finance Committee.